Stem cell firm to expand in US

Stem cell developer Biogelx is to expand in the lucrative US market after a fund-raising round raised £630,000 from key investors.

Based at BioCity on the eastern edge of Glasgow, the firm has attracted funding from the Scottish Investment Bank, Jonathan Laredo of Peak Capital Advisors, the University of Strathclyde and Gabriel Investments.

Biogelx was spun out of Strathclyde University and produces hydrogels which have potential regenerative medicine applications. Its work has ignited huge interest in the global cell culture market and recently the company has expanded into Spain, Italy, Portugal and Korea.

This round of funding will allow further development into the US, specifically to expand its recently established New York office and enhance its profile.

The firm plans to double headcount from seven to 14 in the next year and to double turnover over the next five years.

It was one of the first tenants to move into BioCity Scotland in early 2013. Dr. David Lightbody, chief executive, said: “It’s a very exciting time for Biogelx as the company takes its first steps in to the global market. Since inception, we have received invaluable support from BioCity Scotland and they has really provided us with a springboard to success.

“Key to our success will be to build-upon our achievements at BioCity so we’re delighted to expand this team further here.”

Dr Diane Harbison, managing director of BioCity Scotland said: “As one of our first tenant companies, we have worked with Biogelx every step of the way to foster their remarkable success.

“BioCity Scotland provides so much more than high spec laboratories and office space. It’s the access to expertise, finance and a community of like-minded people that really nurtures spin out companies and helps them to achieve such a high success rate. This is case and point for Biogelx as it begins its journey as a market leader.”

Stuart MacKenzie, commercialisation infrastructure manager of the University of Strathclyde said: “The University is delighted to have participated in this significant round of investment for its spin-out Biogelx.

“We welcome this latest major step towards establishing Biogelx in the cell culture market and allowing the spin-out to develop further markets in stem cell and possible future therapeutic applications.”